据介绍，知乎直答新版本重在强化AI与社区，尤其是与创作者的融合。除上传解析网页、文档等知识库之外，用户还可以 将每个知乎答主视为一个独立知识库，聚焦答主的单篇或全部创作进行提问、检索和解析，获得更具针对性的专业解答。 知乎直答新升级：溯源答主社区真实创作，强化AI与人的连接 知乎直答经过数次产品迭代，积累了知乎社区海量专业讨论、超5000万篇文献知识库的内容优势，并通过接入DeepSeek实 现推理能力升级。本次新版本则在内容和算法基础上，进一步挖掘人的专业价值，拓展了AI搜索的产品边界。 3月24日，知乎直答发布新版本，支持搜索结果直接溯源知乎答主真实创作，强化AI工具与人的连接，从而进一步降低AI幻 觉，提高内容的专业性和可信度。新版本的发布，意味着知乎直答与知乎社区的融合进入新阶段，有望为AI搜索产品和社区创 作生态带来更大发展空间。 同时，知乎直答的搜索结果支持直接溯源知乎答主的真实创作，打通AI工具与答主内容池，让AI生成结果实现源头可查、 专业可信。此举也将极大降低AI幻觉，为AI搜索的用户体验提供内容源头保障。 此外，知乎直答新版本将专业搜索和通用搜索两种模式合并，搜索结果一键调取所有知识库提供 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported a total revenue of 660.3 billion RMB for 2024, reflecting a year-over-year increase of 8%. The Non-IFRS net profit reached 222.7 billion RMB, up 41% year-over-year, while the profit attributable to equity holders was 194.1 billion RMB, marking a 68% increase [7]. - The company is expected to benefit from AI integration in its gaming and advertising sectors, with new AI-driven games and enhanced advertising platforms anticipated to drive growth [8]. - The company’s capital expenditure for 2024 was 76.7 billion RMB, a significant increase of 221% year-over-year, with plans to further increase spending in 2025 [9]. Company Overview - The company operates in the media industry, with a current H-share price of HK$540.00 and a market capitalization of approximately 378.76 billion RMB [2]. - Major shareholders include MIH Holdings B.V., which holds 24.43% of the shares [2]. - The company has a diversified product portfolio, with financial technology and enterprise services accounting for 31.3%, online gaming 30.1%, social networking 18.8%, and online advertising 18.5% [4]. Financial Performance - For Q4, the company achieved a revenue of 172.4 billion RMB, a year-over-year increase of 11%, and a quarter-over-quarter increase of 3%. Operating profit for the quarter was 51.5 billion RMB, up 24% year-over-year [7]. - The company’s net profit for 2025 is projected to be 221.6 billion RMB, representing a year-over-year growth of 14.18% [12]. Market Position - The company is positioned to leverage its stronghold in the AI search market, particularly through its WeChat platform, which has a daily search volume of nearly 600 million, compared to Baidu's 1.5 billion [9]. - The integration of AI is expected to enhance user engagement and advertising effectiveness, potentially leading to significant revenue growth in the advertising segment [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported a total revenue of RMB 660.3 billion for 2024, representing a year-over-year increase of 8%. The Non-IFRS net profit reached RMB 222.7 billion, up 41% year-over-year, while the profit attributable to equity holders was RMB 194.1 billion, reflecting a 68% increase [7]. - The company is expected to benefit from AI integration in its gaming and advertising sectors, with new AI-driven games and enhanced advertising platforms likely to drive growth [8][9]. - The company plans to increase capital expenditures in 2025, with a focus on AI-related research and development, and has set a target for share buybacks of at least HK$ 80 billion in 2025 [9]. Company Overview - The company operates in the media industry, with a market capitalization of approximately HK$ 378.76 billion and a current share price of HK$ 540.00 [2]. - Major shareholders include MIH Holdings B.V., which holds 24.43% of the shares [2]. - The company's stock has shown significant growth over the past year, with a 101.73% increase [2]. Financial Performance - For Q4, the company achieved a revenue of RMB 172.4 billion, a year-over-year increase of 11%, and a quarter-over-quarter increase of 3%. Operating profit for the quarter was RMB 51.5 billion, up 24% year-over-year [7]. - The company’s gaming revenue in Q4 grew by 23% to RMB 33.2 billion, driven by both existing popular games and new releases [9]. - The forecast for net profit attributable to equity holders for 2025 is RMB 221.6 billion, representing a year-over-year growth of 14.18% [12]. Product Mix - The company's revenue is diversified across several segments: Financial Technology and Enterprise Services (31.3%), Online Games (30.1%), Social Networks (18.8%), and Online Advertising (18.5%) [4].

Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the AI industry, specifically focusing on the developments and models from a company referred to as "Deep Sick" [1][2][3]. Core Points and Arguments 1. **Model Series Overview**: Deep Sick has released several models, notably V3 and R1, which are considered high-performance and cost-effective. The V3 model is highlighted for its engineering optimization and performance [1][2]. 2. **Comparison with Competitors**: The V3 model is compared to OpenAI's GPT-4, suggesting that it operates at a similar level of capability. The discussion emphasizes the importance of responsible AI development [2][3]. 3. **Scaling Laws**: The concept of "shifting on the curve" is introduced, indicating that as models evolve, they can achieve similar performance with fewer parameters, leading to cost reductions over time [3][4]. 4. **R1 Model Characteristics**: The R1 model is designed for long reasoning tasks, capable of handling complex queries. It has gained significant user engagement, reaching nearly 30 million monthly active users shortly after its release [5][6]. 5. **User Demographics**: Only 30% of R1's users are from China, indicating a strong international presence and appeal [6]. 6. **Innovative Training Approach**: The R1 model employs an object reward model (ORM) for training, which differs from traditional supervised fine-tuning methods, allowing for more flexible learning [7][8]. 7. **Consumer Applications**: The AI search capabilities of Deep Sick are highlighted as a rapidly growing application area, with the potential to provide reliable answers to user queries [10][11]. 8. **Market Impact**: The success of Deep Sick is seen as a catalyst for innovation in the AI sector, with implications for various industries, including healthcare and legal services [12][21]. 9. **Resource Requirements**: The discussion notes the significant computational resources required to support the models, with estimates suggesting the need for thousands of high-performance GPUs [19][20]. 10. **Future Outlook**: The potential for new applications and the overall positive sentiment towards the AI industry is emphasized, despite the presence of market bubbles [23]. Other Important but Possibly Overlooked Content 1. **Training Costs**: The narrative around the cost of developing AI models is nuanced, with claims that the reported costs may not fully capture the total investment required for development [16][17]. 2. **Externalities of Open Source**: The open-source nature of Deep Sick's models is seen as beneficial for fostering innovation and entrepreneurship within China [22][23]. 3. **Market Dynamics**: The call highlights the competitive landscape, noting that while some companies may struggle, others are likely to emerge successfully from the current market conditions [23]. This summary encapsulates the key insights and discussions from the conference call, providing a comprehensive overview of the current state and future potential of the AI industry as represented by Deep Sick.

AI搜索领域又一颗新星，成立不到两年估值翻至5.3亿美元。 其估值从之前的2.6亿美元增加到了现在的 5.3亿美元，投资方暂未披露。 据睿兽分析，成立于2023年底的MainFunc，2024年6月完成了 6000 万美金的种子轮融资，由蓝驰创投领 投。 详情请戳视频 以上就是本期全部内容，如果您想了解更多 最新 企业 动态， 欢迎登录 睿兽分析 查看，解锁 赛道图 谱 以及 行业报告 。 近日，前小度CEO景鲲和前小度CTO朱凯华联合创立的AI创新产品公司MainFunc，完成1亿美元的A轮融 资。旗下首款AI Agent搜索产品Genspark月活用户已经突破了200万。 ...

Core Insights - The article emphasizes the transition from traditional keyword-based search engines to AI-driven search models, highlighting the launch of Quark AI Search's "Deep Thinking" as a pivotal moment in redefining search engine capabilities [1][27] - Quark's "Deep Thinking" model utilizes reasoning to provide comprehensive answers, moving beyond simple information retrieval to a deeper understanding of user intent and context [2][13] Group 1: AI Search Evolution - Traditional search engines rely on keyword matching and webpage ranking, which often leads to fragmented information retrieval for users [2][23] - Quark's "Deep Thinking" model simulates human reasoning, allowing for multi-step inference and providing integrated, in-depth responses to complex queries [2][3] Group 2: Z Generation Social Product Design - The article outlines a systematic framework for designing social products tailored to Generation Z, focusing on their core characteristics such as individual expression, fragmented attention, strong privacy awareness, and emotional needs [4][6] - Key design principles include decentralized identity construction, low-pressure social environments, gamified experiences, and AI-enabled emotional connections [6][7] Group 3: Healthcare Information Retrieval - In the healthcare sector, Quark AI Search demonstrates its superiority by providing systematic solutions to queries, such as comprehensive advice on pollen allergy prevention, rather than just returning scattered links [9][10] - The model's ability to deliver structured health information showcases its professional advantages in the medical field [9][12] Group 4: Future of AI Search - Quark aims to evolve from a traditional search engine to an AI omnipotent assistant, capable of supporting various professional tasks such as report writing, research analysis, and strategic decision-making [23][24] - The anticipated integration of larger reasoning models indicates a significant expansion of Quark's capabilities, positioning it as a knowledge assistant and innovation catalyst in the future [25][27]

优秀的 AI 搜索不仅不能说谎、提供即时、全面的信息，更要足够 " 勤奋 " ，不断学习追踪、严格筛选那些真正有价值的资讯与答案，同时满足用户在某一 领域长期深耕、学习的诉求。 从某种意义上说，「 万物追踪」可以被视为AI时代的「今日头条」，但它又超越了传统的信息推送模式。通过AI技术的深度应用，它不仅能够提供个性化 的内容推荐，更能够根据用户的知识结构和学习需求，打造专属的信息获取体验。 Z Highlights 在小红书等社交平台上，如果你热衷于追踪各类前沿AI产品，那么 「 万物追踪」这个名字一定会频繁出现在你的视野中。这款由Minimax内部研发的新产 品，在2025年春节前夕正式进入公测阶段，曾在小红书上收获各种好评。 根据官方介绍，「 万物追踪」是一款基于大模型驱动的智能信息助手，其核心功能是通过持续监控和搜索互联网上的海量信息，智能识别与用户需求匹配 的内容，并经过专业化的提炼和总结，以精准推送的方式呈现给用户。 01 查询之上更进一步， AI 搜索前路如何？ 搜索引擎的出现一度被视为互联网技术发展的关键节点。然而，搜索引擎依旧偏重于让用户自己从海量的返回信息中挑拣适合的信息，此外，由于信息茧 ...

Core Insights - The article discusses the interaction between AI search engines and content creation, highlighting how AI models like DeepSeek and Tencent Yuanbao evaluate and prioritize content based on user needs and market trends [2][20][24]. Group 1: AI Earphone Market Insights - The article emphasizes the growing demand for AI earphones, particularly those with translation capabilities, which are increasingly popular among diverse ethnic groups [2][6]. - Two key articles, "9块9的中国AI耳机" and "双十二耳机选购指南," are identified as influential references for AI earphone recommendations, both providing in-depth analysis of user needs and market trends [8][9]. - Tencent Yuanbao's recommendations for AI earphones include WISHEE AI earphones, which, despite low market visibility, were prioritized due to their innovative features and user-centric design [10][11]. Group 2: AI Search Engine Evolution - The article outlines a shift from traditional search engines to AI-driven search engines, which provide direct answers to user queries, enhancing user experience and engagement [25][26]. - AI search engines have shown a significant increase in interaction rounds, averaging 2.8 times per query, which is 70% higher than traditional search methods [27]. - The rapid adoption of AI search technologies is evidenced by the growth in active users, with OpenAI reaching over 400 million weekly active users and DeepSeek surpassing 100 million downloads [28]. Group 3: New Business Opportunities - The article suggests that the rise of AI search engines presents new opportunities for SEO strategies, shifting from keyword-based advertising to content quality and relevance [35][40]. - Companies are encouraged to focus on creating high-quality content that aligns with AI models' understanding of user needs, as this will influence AI-generated recommendations [41]. - The potential for AI-driven "recommendation" services in e-commerce is highlighted, indicating a shift in how consumers make purchasing decisions [41][42].

微信搜索接入 DeepSeek，百度快速跟进。 腾讯回应称，搜一搜在调用混元大模型丰富 AI 搜索的同时接入 DeepSeek ，基于公众号等丰富的 微信生态内容及全网优质内容，为用户提供更全面的高质量回答。一天后，百度宣布百度搜索将接 入 DeepSeek 和文心大模型搜索功能。 受该消息影响，腾讯股价今日盘中涨幅超过 7% ，收盘时涨 3.96%，总市值 4.53 万亿港元。股价创 三年以来新高。百度今日股价下跌 6.94%，总市值 2520 亿港元。 库迪咖啡说 9.9 元价格战可持续。 微信自 2 月 15 日起开始灰度测试接入 DeepSeek-R1 模型，增强其搜索功能。灰度用户可在微信的 搜索框中点击 "AI 搜索"，并进一步选择 "深度思考" 模式，获得更全面和详细的答案。 库迪咖啡首席策略官李颖波近期透露，从 2024 年 5 月开始，截至现在，库迪公司已经实现正向现 金流即盈利，其营收主要来自服务费。他说，随着供应链的成熟，上游的采购效率越来越高，成本 会一直优化，库迪 '9.9 元' 策略可以长期坚持。此前，库迪最大的对手，开设 2.1 万家门店的瑞幸 已逐步退出 9.9 元价格战，多款 ...